August 3, 2013 |
The Boston Globe has been sold to Red Sox owner John Henry for $70 million in cash, a fraction of the $1.1 billion paid for it by the New York Times Co. in 1993. The low price underscores the continued troubles plaguing the newspaper publishing industry as advertisers spend less on print and readers turn to free online content. This is the first foray into newspapers for Henry, known as a soft-spoken, shy businessman who made his fortune through his hedge fund. Besides the Red Sox, his sports empire includes the New England Sports Network, Liverpool Soccer Club and Roush Fenway Racing, according to the Globe . "The Boston Globe's award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country,” Henry, 63, said in a statement.